Goswami Infratech Courts Global Credit Giants for Major Bond Sale
India’s Goswami Infratech, a subsidiary of the Shapoorji Pallonji Group, is in talks with some of the world’s largest credit investors as it prepares for a mega bond issuance expected to conclude by the end of January. According to sources familiar with the matter, the company recently held non-deal roadshows with Pacific Investment Management Co (PIMCO), BlackRock, and Vanguard to pitch its upcoming fundraising plans. The firms have not yet commented on the discussions.
The company is looking to raise around ₹250 billion ($2.8 billion) through a two-year zero-coupon bond offering, with a proposed yield of 19.75%. This rate is in line with the returns offered by another SP Group entity, Porteast Investment, during its landmark ₹286 billion bond sale earlier this year. Sources noted that discussions are still at an early stage and that no firm commitments have been made by investors so far.
Proceeds from the planned bond issuance will be used to refinance Goswami Infratech’s existing high-yield debt, including ₹88.15 billion in notes maturing in April 2026, as well as another loan and general corporate obligations. Care Ratings, which maintains a BB- rating on the company’s instruments, said Goswami Infratech has already repaid over one-third of its earlier bond. The new bond will be secured by the SP Group’s 9.2% stake in Tata Sons, held through its subsidiary Cyrus Investments.
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